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How would inflating the estimate of percentage completion

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Reference no: EM133001209

Problem 1. How would inflating the estimate of the percentage completion of ending Work-in Process (WIP) Inventory help a manager (who works in a lumber company) get a bonus that is based on division profit (HINT: Think about unit costs, Finished Inventory, and Cost of Goods Sold)?

Problem 2. If the percentage of completion of a year's ending WIP Inventory is not corrected, how will the misstatement affect the financial statements?

Problem 3. Is there any effect on next year's financial statements?

Problem 4. Is this an ethical issue in your view? Or is it irrelevant because no one is really hurt?

Reference no: EM133001209

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